Makinde Advocates for a Resilient Nigerian Economy

Oyo State Governor, ‘Seyi Makinde, has emphasized the need for Nigeria to build a resilient economy that can withstand global uncertainties, stressing that natural resources alone are not enough to lift the country out of poverty.

Speaking on Friday during the funeral service of his elder brother, Engr. Olufunmilayo Sunday Makinde, at the Bishop Akinyele Memorial Anglican Church, Ibadan, Makinde highlighted the importance of entrepreneurship and education in driving national prosperity.

The governor responded to a sermon by Bishop Williams Aladekungbe of the Ibadan North Anglican Diocese, who had noted that Nigeria has no reason to be poor given its abundant natural resources. Makinde, however, pointed out that resource wealth does not automatically translate to national prosperity, citing Venezuela’s struggles despite its vast oil reserves. He compared this with Finland, a resource-poor nation that has achieved remarkable development through investments in education and human capital.

According to Makinde, Oyo State has prioritized education funding in line with UNESCO’s recommendations, consistently allocating over 20% of its budget to the sector since his administration began in 2019.

“Natural resources alone do not guarantee prosperity. Venezuela, with the world’s highest oil reserves, remains poor. To build a prosperous nation, we must raise entrepreneurs and invest heavily in education,” he stated.

Reflecting on economic shifts over time, he noted how Nigeria once thrived on coal but had to adapt to the oil era. He warned that as the world transitions away from fossil fuels, Nigeria must prepare by developing an economy that is not solely dependent on natural resources.